ASTANA — Kazakh President Kassym-Jomart Tokayev met with National Bank Chairman Timur Suleimenov on Jan. 24 to review the implementation of monetary policy in 2024 and discuss plans for this year.
The meeting covered key economic indicators, including inflation, financial stability, and the performance of Kazakhstan’s National Fund, gold reserves and more. Photo credit: Akorda.
The meeting covered key economic indicators, including inflation, financial stability, and the performance of Kazakhstan’s National Fund, gold reserves, and pension assets, highlighting strong growth in reserves and a stable banking sector, reported the Akorda.
According to Suleimenov, by the end of 2024, inflation was within the National Bank’s expected range of 8.6%. However, he noted that external inflationary pressure is rising, and internal inflationary risks persist. The National Bank is taking measures to stabilize prices and achieve the medium-term inflation target of 5%.
Last year, the National Fund’s asset management generated $4.5 billion in income, a return of over 7.5%. The National Bank’s gross gold and foreign exchange reserves grew to $45.8 billion, marking a 27.4% increase. Meanwhile, investment income from managing the Unified Accumulative Pension Fund’s assets totaled 3.4 trillion tenge (US$6.5 billion), with a yield of 17.8%, more than double the inflation rate.
The President emphasized the need for continued coordination between the National Bank and the government to stabilize inflation and ensure economic stability.
